script change caracter color

este codigo javascript muestra como un determinado texto va cambiando de color letra por letra.

Código Javascript


<html>
<head>
<title>change caracter color</title>
</head>
<BODY bgcolor="#000000">
<script type="text/javascript">
<!-- Begin
text = "Gamarod Versión 2.0"; // The text to scroll
color1 = "blue"; // original text color
color2 = "white"; // new character color
fontsize = "8"; // font size of text 
speed = 200; // how fast to rotate to next character 
// time is in milliseconds, (i.e. 1000 = 1 second)
i = 0;
if (navigator.appName == "Netscape") {
document.write("<layer id=a visibility=show></layer><br><br><br>");
}
else {
document.write("<div id=a></div>");
}
function changeCharColor()  {
if (navigator.appName == "Netscape") {
document.a.document.write("<center><font size =" + fontsize + "><font color=" + color1 + ">");
for (var j = 0; j < text.length; j++) {
if(j == i) {
document.a.document.write("<font color=" + color2 + ">" + text.charAt(i) + "</font>");
}
else {
document.a.document.write(text.charAt(j));
   }
}
document.a.document.write('</font></font></center>');
document.a.document.close();
}
if (navigator.appName == "Microsoft Internet Explorer") {
str = "<center><font size=" + fontsize + "><font color=" + color1 + ">";
for (var j = 0; j < text.length; j++) {
if( j == i) {
str += "<font color=" + color2 + ">" + text.charAt(i) + "</font>";
}
else {
str += text.charAt(j);
   }
}
str += "</font></font></center>";
a.innerHTML = str;
}
(i == text.length) ? i=0 : i++; // reset after going through all letters
}
setInterval("changeCharColor()", speed);
//  End -->
</script>
<p>
</body>
</html>

Ver ejemplo Javascript en funcionamiento